Rio Tinto Approves $144 Million Investment to Advance Resolution Copper Project in Arizona

Rio Tinto approved a $144 million investment in its Resolution Copper project in Arizona, including $79 million from its own funds. The funding will support feasibility studies, engineering designs, and equipment purchases for the project, which is one of the world's largest undeveloped copper deposits. The company's shares were trading at $127.55 in pre-market hours on the NYSE, following a 3.93% decline in regular trading the previous day.

Rio Tinto approved a $144M investment in the Resolution Copper project in Arizona, with the company contributing $79M. The funds will support feasibility studies, engineering, and equipment purchases. The project, a joint venture with BHP, aims to supply 25% of U.S. copper demand and create 50 new roles. Rio Tinto expects the mine to become one of the largest in the U.S. and contribute $1B annually to Arizona's economy.

Rio Tinto plans to invest $1.9 billion in the Kangwinan bauxite project in Queensland, Australia. The project will add 20 million tonnes per year of production capacity, with first output expected in 2029 and full production by 2032. It will replace the Andoom mine and increase Weipa Operations' annual capacity to about 44 million tonnes. The investment aims to sustain jobs and supply high-quality bauxite to international customers and Australian alumina refineries.

Glencore defends its progress on the Aurukun bauxite project in Queensland, stating it has met all licence commitments. The company is facing scrutiny over its proposed $250M sale to Rio Tinto, with Queensland MP Robbie Katter calling for an inquiry. Glencore claims the sale to Rio Tinto offers the best opportunity for development, while Metro Mining's director suggests his company could expedite the project.

Rio Tinto (ASX:RIO) is investing US$3.9 billion in three Argentine lithium projects, aiming to increase global lithium capacity to 200,000 tonnes LCE by 2028. The company has expanded operations at Fénix and Sal de Vida, with plans to invest US$2.5 billion in the Rincon project. Several ASX-listed companies, including Liontown (ASX:LTR), Pursuit Minerals (ASX:PUR), Galan Lithium (ASX:GLN), Argosy Minerals (ASX:AGY), and Lake Resources (ASX:LKE), are also advancing lithium projects in Argentina.

Colombia's trade minister announced Rio Tinto plans to invest US$5 billion in Chocó over four years, though the company has not confirmed the details. The investment is tied to security commitments by Colombia's president. Rio Tinto, a major miner, trades in New York and produces metals like copper, iron ore, and aluminum. The minister did not specify the metal, site, or start date.